How significant of a reduction occurred?
External customer facing or internal clients?
How was the workload distributed?
Does it appear that there was little additional work added to you (indicating the area was overstaffed and cuts were warranted) or has the load become too much (cutting muscle, not fat)?
I think my area is coming up (in Consumer Banking, internal clients) to be slashed. If I am still around afterward I don't know how much more I can take on to complete.
@jtf+1bBFTNrP ; your last sentence I think is very accurate, "Being lean is one thing, being set up to fail is another." I am having a hard time seeing a path to success in the go forward direction (or lack thereof) from the current executive team.
Our group in tech is adding 5 FTE - US based
Worked with a group to clean up the work of a 7 person FTE team that was cut. A few hiccups in the beginning, but within a few weeks, back to BAU, nothing missed, and no one doing extra work. Their work was a nice to have, not a need to have.
Haven't had direct FTE layoffs, but we relied heavily on contractors to augment our FTE staff. We're now down 6 bodies, 2 domestic and 4 EGS.
Workload hasn't gone up that much, but I wasn't overworked before. However, our staffing model is now broken because the FTE are unwilling to cover the hours contractors did (both domestic and EGS). We're a 24/7 shop and now have gaps in coverage because of this.
On top of this, the mental impact has seriously degraded the performance of our team. We used to be a tight run shop that wowed our internal customers. Now we're frequently close to colossal sc--w ups since if one or two specific people are out or even late, there's a major breakdown in coverage and work being handed off. Things are getting missed and issues are reported weekly instead of rarely.
Being lean is one thing, being set up to fail is another.
We (technology - support) lost around 40% of our staff. The remaining were moved to other tech support groups. I have no idea why some of the people we lost were let go, others I can understand, bitched to much, passed off work to other teams, etc.
This is not the end for tech teams because mgmt has indicated that the systems in datacenters will be moving to other companies, like Google and Amazon, within the next five years
The problem is a lot of the fat is at the top and he keeps hiring more friends, adding to that fat!
Our layoffs were for internal technology people. One of the folks that was laid off Didn’t have documentation for their work. So far managers have not delegated a person to take over this task and basically want to sweep the layoffs under the rug.
While I don't work for this group, I have friends who were impacted.....Back office (internal customers) of WFA laid off everyone in a Virginia location because it isn't a hub. Didn't matter tenure, experience, etc. Was around 300 people. Work would have been sent to St. Louis, Des Moines, Minneapolis or India/Philippines. These are the folks that are the "guts" for Advisors (i.e. New Accounts, Credit, IRA, Estate, etc.). Management didn't bat an eyelash at it. Only plus is many were told in January their end date would be in June. This allowed them to look for a new job.
My advice - don't ever assume your job is safe. Especially now. Senior leaders are more concerned with "standardization", "centralization" and in Charlie's words "trimming the fat" since we are too "top heavy" with number of employees. Is a numbers game, not what's best for the firm or client(s).